Finance Committee on April 9th, 2024

Evidence of meeting #135 for Finance in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was co-op.

A video is available from Parliament.

On the agenda

Bill C-59

MPs speaking

Also speaking

Vivek Dehejia Associate Professor of Economics and Philosophy, Carleton University, As an Individual

Stephanie Woo Dearden Registered Psychotherapist, As an Individual

Michael Powell Vice-President, Government Relations, Electricity Canada

Trent Vichie Chief Executive Officer, EverWind Fuels

Derek Smith Vice-President, Corporate Tax, Emera Inc., Electricity Canada

Kate McNeece Partner, Competition, Antitrust and Foreign Investment, McCarthy Tétrault LLP, As an Individual

Julie Maillette Vice-President, Association des psychoéducatrices et psychoéducateurs

Laurie Marquis President, Association des psychoéducatrices et psychoéducateurs

Tim Ross Executive Director, Co-operative Housing Federation of Canada

5:30 p.m.

Bloc

Sébastien Lemire Bloc Abitibi—Témiscamingue, QC

Thank you.

5:30 p.m.

Liberal

The Chair Liberal Peter Fonseca

Thank you, Mr. Lemire.

Our final questioner today is MP Davies.

I think you're going to share his time.

5:30 p.m.

NDP

Don Davies NDP Vancouver Kingsway, BC

I will cede my time to Mr. Morrice.

5:30 p.m.

Liberal

The Chair Liberal Peter Fonseca

Okay. Let's go to MP Morrice.

5:30 p.m.

Green

Mike Morrice Green Kitchener Centre, ON

Thank you, Mr. Chair.

Thank you, Mr. Davies.

In my community, we have years-long wait-lists for limited co-op housing units. Mr. Ross has spoken already about the commitment from two years ago of $1.5 billion. It's the first time in 30 years that there's been a new investment to build co-op housing. However, the money hasn't actually been spent yet, and I know that there are thousands of shovel-ready projects that CHF Canada wants to move ahead with.

Mr. Ross, could you talk about the impact that these delays to the commitment to spending funds are having on projects to get deeply affordable co-op housing built across the country?

April 9th, 2024 / 5:30 p.m.

Executive Director, Co-operative Housing Federation of Canada

Tim Ross

There are a few ways that delays in getting to funding commitments can affect projects and outcomes for a program like this. First, between the date of the budget commitment and now, we saw several interest rate increases, so the cost of borrowing is going up. We know that the costs of supply, labour and property are also quite significant and are continuing to rise. As time goes by and the costs of delivering new units go up, the actual purchasing power of a budget commitment is diminished, unfortunately.

I know it takes time to get things from a budget commitment to a point of implementation and launch, but we really hope to see the program launch as soon as possible.

5:35 p.m.

Green

Mike Morrice Green Kitchener Centre, ON

Thanks for your advocacy. It shouldn't take two years.

Thank you.

5:35 p.m.

Liberal

The Chair Liberal Peter Fonseca

Thank you, MP Morrice.

On behalf of the finance committee, I want to thank the witnesses for coming before us.

We have a lot of people here who were listening to your testimony: the clerk, the analysts and the interpreters. They were doing a wonderful job, and all of that has been captured so it can be part of our report. Thank you very much for your recommendations and your many answers to the many questions from members.

We wish you an excellent evening.

Members, we're adjourned.